Arthur Hayes Grows DeFi Exposure Through ENA and ETHFI Purchases

TLDR

Table of Contents

Hayes bought 4.86M ENA and 697,851 ETHFI worth over $2M.
Hayes sold $5.5M in Ethereum to rotate into DeFi tokens.
Pendle is now Hayes’ largest DeFi holding worth $1.75M.
The trades show his long-term conviction in yield-based DeFi.

Arthur Hayes is reinforcing his DeFi rotation with fresh buys that add to an already active on-chain trail. The Maelstrom CIO purchased 4.86 million ENA and 697,851 ETHFI, extending a strategy that has also included PENDLE and LDO. The moves came as he continued trimming his Ethereum position, with recent sales totaling about $5.5 million. The repeat accumulation suggests planned positioning, not a one-off trade.

Hayes Increases DeFi Exposure While Selling Ethereum

Arthur Hayes, co-founder of BitMEX and chief investment officer of Maelstrom, expanded his DeFi portfolio again this week. According to Arkham Intelligence data, Hayes purchased about $2 million worth of decentralized finance tokens, including Ethena (ENA), Ether.fi (ETHFI), Pendle (PENDLE), and Lido DAO (LDO).

His latest buys included 4.86 million ENA valued near $986,000 and 697,851 ETHFI worth around $485,000. These transactions were executed through Galaxy Digital, signaling institutional-grade execution. The trades reflect ongoing rotation from Ethereum into high-yielding DeFi protocols that Hayes views as better aligned with 2026’s market structure.

🚨 BREAKING
CRYPTO BILLIONAIRE ARTHUR HAYES JUST STARTED BUYING #ALTCOINS.
HE STARTED WITH 4.86M $ENA WORTH $986K, AND 697,851 $ETHFI WORTH $485K.
BULLISH FOR MARKETS. pic.twitter.com/hE8w80qTzw
— Wimar.X (@DefiWimar) December 31, 2025

On-chain records show that over the past two weeks, Hayes has sold roughly 1,871 ETH, worth about $5.5 million. Instead of holding stablecoins or Bitcoin, he redirected funds to yield-focused DeFi projects. Pendle now represents his largest position at about $1.75 million, followed by Lido DAO and Ethena.

Repeated Accumulation Shows Long-Term Confidence

Hayes’ recent transactions are not isolated trades but part of a broader strategy. His continued accumulation of ENA and ETHFI shows growing confidence in decentralized finance as a sector capable of outperforming traditional Layer 1 tokens.

Analysts noted that such repeat buying patterns suggest strategic positioning rather than short-term speculation. Hayes appears to be building a core DeFi portfolio to capture growth from protocol revenue and yield dynamics. Historically, he has adopted early positions in emerging narratives, and this move reflects a similar forward-looking approach toward DeFi infrastructure.

Focus on Yield and Protocol Utility

Ethena and Ether.fi are both centered on yield and decentralized infrastructure. ENA supports composable financial primitives, while ETHFI enables staking-based yield exposure without direct ETH dependence. These features make them appealing as liquidity conditions improve.

Market data shows mixed price performance among Hayes’ tokens. PENDLE gained 2.7% to trade near $1.92, while LDO edged up 0.2% to $0.5893. ENA and ETHFI declined slightly, by 1.6% and 0.7%, respectively. Retail sentiment on Stocktwits remained largely positive, with discussions trending as “bullish” across all four assets.

Ethereum’s price, by contrast, stayed below the $3,000 mark, inching up only 0.4% in 24 hours. Despite improved sentiment, it remains under pressure as traders monitor whale movements such as Hayes’ continued sales.

Strategic Shift Toward DeFi Infrastructure

Since December 2025, Hayes has been transparent about reducing Ethereum exposure to focus on yield-based assets. His actions reflect a belief that decentralized finance protocols stand to benefit more from expanding liquidity than base-layer networks.

“Hayes’ steady accumulation reinforces his thesis that DeFi will outperform Layer 1s in the next cycle,” on-chain analysts noted. As global liquidity improves, tokens with real revenue and active user engagement may attract greater capital inflows.

Hayes’ ongoing DeFi rotation represents a growing trend among experienced investors favoring productive assets over speculative plays. His approach signals that 2026 could see decentralized finance regain leadership within the digital asset market.